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Nardelli

  • 2011 Jeep Grand Cherokee

    The Supreme Court has approved the sale of substantially all of Chrysler's assets to Fiat, helping to finalize their alliance as well as the American automaker’s bankruptcy proceedings. Approval was given for the $2 billion sale of the assets to a new company that will be 68% controlled by a healthcare trust aligned with the United Auto Workers (UAW) union. Fiat will control 20%, while the U.S. and Canadian governments will control the remaining 12%. Objectors to the deal had included a group of Indiana pension funds holding secured debt, some of the 789 dealerships Chrysler plans to...

  • 2011 Jeep Grand Cherokee
    Judge allows sale of Chrysler assets to Fiat

    A U.S. bankruptcy judge on Sunday approved the sale of substantially all of Chrysler's assets to Fiat, helping to finalize the two automaker’s alliance as well as the American company’s bankruptcy proceedings. Approval was given for the $2 billion sale of the assets to a new company...

  • Dodge Challenger
    Report: Chrysler to offer $1,000 certificates to all existing customers

    As bankruptcy thrashes Chrysler vehicles' resale value the company is pulling out all the stops to keep sales up until it can emerge and join forces with Fiat. To help get feet on the floors of its remaining dealerships, the company is now reportedly getting ready to send out $1,000 certificates...

  • Chrysler CEO Bob Nardelli
    Chrysler CEO Bob Nardelli sheds light on resignation

    News of Chrysler CEO Bob Nardelli's departure has been making the rounds recently, but now the resigning chief has shed some light on the matter. Unlike his former counterpart at General Motors, Nardelli insists that he was not asked by the Obama administration to step down from the helm at...

  • Chrysler Group headquarters
    White House confirms bankruptcy plans for Chrysler, Nardelli to step down

    The White House has announced Chrysler's entry into bankruptcy protection today, with talks between the Treasury Department and the carmaker failing to reach an agreement on the last day before the auto industry task force’s restructuring deadline. No further talks are planned but President...

  • Chrysler Auburn Hills headquarters
    Chrysler creditors offer to swap debt for equity

    Chrysler's race to turn its debts into equity took a major turn for the better today, with an offer from a group of banks and hedge funds that hold almost $7 billion in debt. The group is proposing to exchange around $2.5 billion of Chrysler's debt, but only in exchange for close to 40% of the...

  • 2009 Alfa Romeo MiTo GTA

    Negotiations between Chrysler and Fiat regarding an alliance have now turned to production capabilities, and an anonymous source has revealed that three Chrysler plants are under consideration for possible re-tooling, at which point they will build Fiat vehicles, as well as Chrysler-badged vehicles built on Fiat platforms. The three production plants being considered include Chrysler's Canadian MPV plant in Windsor, Ontario, across the river from Detroit, as well as a plant in the U.S. and Mexico. The Windsor plant in Canada currently builds the Chrysler Town & Country, as well as the Dodge...

  • 2011 Chrysler 300 preview
    Chrysler previews interior for next-gen 300

    Brand new versions of both the Chrysler 300 and Jeep Grand Cherokee are coming in the next couple of years, kicking off a product renaissance at Chrysler that will include the launch of 24 new or updated models over the next 48 months. The company used this week’s New York Auto Show to...

  • Fiat and Chrysler logos
    More details on the potential Fiat-Chrysler alliance emerge

    At the end of March the President's task force on the industry put a 30-day window on Chrysler and Fiat reaching an alliance agreement. Just hours later Chrysler announced the two companies had signed off on the deal. That turned out to be premature, but the deal is still being developed, with new...

  • Chrysler CEO Bob Nardelli
    Chrysler's viability plan requires additional $2 billion in loans

    Building a foundation for the reconstruction of the industry, General Motors and Chrysler are required to submit new plans for viability today as part of the loan agreement established late last year. GM has yet to unveil their reworked plan, but Chrysler has just released the key details of its...

  • Chrysler CEO Bob Nardelli
    Chrysler: Please sir, we want some more

    Less than a month after receiving the first $4 billion from the federal government’s bailout package for the auto industry, Chrysler has revealed that it needs an additional $3 billion to help close an alliance deal with Italy’s Fiat Group. Unlike General Motors, which has been...

  • Chrysler CEO Bob Nardelli
    Chrysler confirms new 300, Dodge Durango and Jeep model

    Brand new versions of both the Dodge Durango SUV and Chrysler 300 are coming in the next couple of years, kicking off a product renaissance at Chrysler that will include the launch of 24 new or updated models over the next 48 months. The information comes from the carmaker’s CEO, Bob...

  • Chrysler logo

    Late Friday evening Chrysler received its first $4 billion in government loan money from the $17.4 billion approved as an emergency measure late in December, pushing its bottom line closer to the $2.5-3 billion minimum it needs to remain in operation. Covering debts and meeting supplier payment demands is priority one at this point, though the company hopes to return to some degree of normalcy soon. Without the loan money, Chrysler's cash hemorrhages in the second half of 2008 would have placed the company in danger of bankruptcy or liquidation. Now, along with General Motors, Chrysler is on...

  • The U.S. Capitol Building
    Washington: Automakers, Senators working on solution

    The CEOs of America's major carmakers, before the Senate Banking, Housing and Urban Affairs committee today, are acknowledging their past shortcomings but also projecting future strategies based on lessons learned. Lawmakers thus far appear to be more receptive to the idea of loans now that the...

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